Salini Impregilo - Consolidated Financial Results at December 31, 2018.

ENPNewswire-March 18, 2019--Salini Impregilo - Consolidated Financial Results at December 31, 2018

(C)2019 ENPublishing -

Release date- 15032019 - The Board of Directors of Salini Impregilo (MTA: SAL) approved the consolidated financial results and the separate draft financial statements of Salini Impregilo S.p.A. at December 31, 2018.

Furthermore, the Board of Directors examined the Normalized[1]consolidated IFRS data, for the purpose of a better comparison.


2018 Revenues amounted to approximately EUR 6.0 billion, substantially in line with 2017. The main contributions to the revenues come from some major projects, including: projects underway at Lane, the Line 3 project Riyadh Metro in Saudi Arabia, the projects in Ethiopia, the High Speed High Capacity railway project relating to the Milan-Genoa Line, as well as the works for the construction of the Rogun dam in Tajikistan. Revenues were affected by the slowdown in some projects in Italy.

2018 EBITDA stood at around EUR 436 million (EUR 534 million), EBITDA margin at 7.3% (8.8%). The change in 2018 EBITDA compared to the previous year is essentially due to a different mix of margins and the slowdown of some orders in Italy.

2018 EBIT stood at around EUR 248 million (EUR 279 million), and EBIT margin at 4.1% (4.6%).


Adjusted consolidated revenues for the 2018 financial year amounted to EUR 5,414.4 million compared to 2017 revenues of EUR 5,801.2 million, including EUR 216.7 million and EUR 240.4 million of revenue, respectively, of Lane's non-consolidated joint-ventures.

Adjusted EBITDA was EUR 400.3 million (EUR 527.4 million), while adjusted EBIT stood at EUR 220.6 million (EUR 274.9 million). Adjusted EBITDA margin was 7.4% (9.1%) and adjusted EBIT margin was 4.1% (4.7%).

Net financial costs improved significantly compared to 2017, with net financial charges of around EUR 72.9 million compared to EUR 192.9 million in 2017. This item includes: financial charges for EUR 141.9 million (EUR 134.9 million), increasing by a total of EUR 7 million; the change is mainly due to the write-down of financial receivables for EUR 17.8 million, carried out, during the year, by the subsidiary active in the construction of highways in Poland as well as the write-down of financial assets (financial receivables and securities) relating to Yuma in Colombia for about EUR 11 million. These effects were partially offset by the reduction in interest on bank debt and the related amortized cost of approximately EUR 20 million, following the refinancing of debt completed during the second half of the 2017 financial year, which involved the application of more advantageous interest rates.

Adjusted pre-tax result, down compared to last year, amounted to EUR 131.2 million (EUR 177.9 million).

The result of discontinued operations was equal to a net income of EUR 114.8 million (EUR 41.3 million) mainly attributable to the net result of the Plants & Paving division for EUR 115.2 million.

The net result attributable to minority interests is a loss of EUR 12.9 million, mainly due to the negative results of some projects close to completion.

The net result attributable to the shareholders of the parent company amounts to EUR 179.9 million compared to EUR 107.0 million in 2017, showing a significant increase of around EUR 72.9 million.


The consolidated net financial position at December 31, 2018 is negative for EUR 859.6 million, compared to the net financial position at December 31, 2017 negative for EUR 702.6 million.

The change in the net financial position is mainly attributable to:

cash absorption from working capital mainly due to delays in payments in Ethiopia, of which a part (ca. EUR 100 million) has already been paid in the first months of 2019

repayment of the contractual advances previously received from the Panama Canal Authority (PCA) as defined by the arbitration award of December 12, 2018 for EUR 196 million;

write-down of financial receivables of EUR 58.2 million

total cash-ins of EUR 505.6 million generated by the sale of the Plants & Paving division.

The Net Financial Position / Equity ratio (based on the net financial position of continuing operations) at the end of the period, on a consolidated basis, is equal to 0.92.

The Group Shareholders' Equity is equal to EUR 835.8 million, showing a solid equity structure despite the comprehensive write-down of 75% of the Venezuelan assets (EUR 480 million).


At December 31, 2018, following the...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT